Cap Table
A complete record of equity ownership, share classes, SAFE terms, and dilution modelling. Full cap table available to verified investors on request.
What is it?
A Cap Table is the complete record of all equity ownership in the company — who holds what, in which share class, under what terms, and how the structure evolves through funding rounds. For investors, it is the first document that answers the question: what exactly am I buying, and what is it worth?
Why it matters
- Shows exactly who owns what and at what percentage
- Essential for planning fundraising and managing dilution
- Required document for investor due diligence
- Supports ESOP planning and employee equity allocation
- Tracks all equity events over the company lifecycle
- Builds transparency and trust with all stakeholders
At the pre-seed stage, the ownership structure is straightforward — a single founder, no outstanding options, and no convertible instruments other than SAFE agreements signed during the current round.
The current round uses a SAFE (Simple Agreement for Future Equity). A SAFE is not equity and not debt — it is a contractual right to receive Class B shares at a future priced round, on preferential terms.
The following illustrates the ownership structure after a hypothetical £200,000 seed round at the £800,000 valuation cap, followed by a planned 10% ESOP pool. Actual dilution depends on total capital raised.
Matthew Plodzien
Class A
Seed investors (SAFE → Class B)
Class B
ESOP pool
Options
Illustrative only. Actual figures depend on total round size and final valuation at conversion.
Following seed close and SAFE conversion, the cap table will include the following share classes and pools:
- Class A: Matthew Plodzien — full voting rights and operational control
- Class B: seed investors — proportional to capital invested, no voting
- ESOP pool: reserved for key employees and advisors — vesting schedules TBC
- Pro-rata rights: investors with pro-rata rights may maintain their percentage in subsequent rounds
The cap table is maintained as a live equity register tracking all ownership events chronologically:
- Date of incorporation and founder share subscription
- Each SAFE signed — date, amount, and terms
- Future conversions, new issuances, and share transfers
- Vesting milestones and ESOP option exercises
Investor Perspective
The cap table is one of the first documents reviewed during due diligence. A clean pre-seed structure — sole founder, no legacy obligations, a clear SAFE conversion pathway — is a strong signal of corporate hygiene. The full cap table with live dilution models is available to verified investors on request.
Request Full Cap Table
The complete cap table — including live dilution models, SAFE register, and post-seed projections — is shared directly with verified investors. Tell us a little about yourself and we'll be in touch.